Category: BUSINESS

The Central Bank of Nigeria (CBN) on Friday, May 18, 2018 lifted the Retail Secondary Market Intervention Sales (SMIS) of the inter-bank Foreign Exchange Market with the sum of $293m. A statement from the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirming the figures, indicated that the sum, as in previous interventions, were in favour of interests in the agricultural, airlines, petroleum products, raw materials and machinery sectors. Mr. Isaac Okorafor reiterated that the objective of the CBN intervention in the foreign exchange market remained to ensure liquidity…

Katsina State Government on Thursday sealed off the Katsina head office and biggest mast of leading indigenous telecommunications service provider in the country, GLO, for violating the state and local government tax laws to the tune of N400m. The General Manager of Katsina Urban and Regional Planning Board, Usman Nadada, who disclosed this to newsmen in Katsina shortly after the action, lamented that the company had failed to remit tenement rent and withholding tax to the state in the past four years. He further stated that action was sequel to…

The Central Bank of Nigeria (CBN), in its last intervention for the week, has injected the total sum of $349.34 million in the Retail Secondary Market Intervention Sales (SMIS) segment of the Forex market. Figures obtained from the CBN on Friday, May 4, 2018, indicated that the interventions were meant to meet obligations in the agricultural, airlines, petroleum products and raw materials and machinery sectors. The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, who confirmed the releases, reiterated that the Bank continued to intervene in the foreign exchange market…

For failing to comply with the guidelines for the deployment of 5.4GHz frequency band, some companies in Uyo, Akwa Ibom and Calabar, Cross River states have had their premises shut down by the Nigerian Communications Commission (NCC). The enforcement team of the Commission took Compliance Monitoring to Calabar, Cross River and Uyo, Akwa Ibom States on April 26 and 27, 2018 respectively to enforce compliance with its guidelines for the deployment of service in the 5.4GHz frequency band. The Commission, based on the Guidelines for the Deployment of Service in…

The Central Bank of Nigeria (CBN) has stepped into the inter-bank sector of the Foreign Exchange market, yet again, intervening in the wholesale segment and other sectors of the market to the tune of $210 million. Figures released by the Bank on Tuesday, April 24, 2018, reveal that the Wholesale sector of the market got another injection of $100 million, just as the Small and Medium Enterprises (SMEs) and invisibles sectors each received $55 million. Confirming the figures, the Acting Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor,…